IBISA, a Climate Insurtech company, has closed a $3 million funding round to scale its parametric insurance solutions for weather-related risks in Asia and Africa.
IBISA
IBISA, a Climate Insurtech company, has closed a $3 million funding round to scale its parametric insurance solutions for weather-related risks in Asia and Africa.
The round was led by The Acumen Resilient Agriculture Fund (ARAF) and Equator, alongside the Asian Development Bank Ventures (ADBV) and existing investors including Ankur Capital. This strategic investment will empower IBISA to make parametric insurance more accessible.
Now, we are entering the industrialisation phase of our journey. With the backing of this fundraising effort and the support of both existing and new investors, our goal is to amplify our product offerings, expand within our current markets, and explore new markets.” Maria Mateo, CEO of IBISA
She continues to explain that: “Since the beginning at IBISA, we have functioned with great agility as product innovators and bringing these products to market efficiently. This is what drives us. This is our DNA.”
With the global cost of extreme weather events on agriculture estimated to be between $10-15 billion annually as reported by the Food and Agriculture Organisation of the United Nations, IBISA is providing simple and efficient parametric insurance products to help those affected by the climate crisis.
Leveraging innovative satellite and actuarial technologies, IBISA designs and operates parametric insurance products that promote financial resilience in regions where communities are the most vulnerable to the impacts of extreme weather events. The company is placing a special emphasis on India, since establishing a local presence there in 2023.
It’s been an exciting journey working closely with IBISA over the last two years, as they leveraged their deep technical expertise in parametric insurance to scale their offerings and launch innovative new products to insure vulnerable communities and small businesses against adverse climate events.” Ritu Verma, Managing Partner at Ankur Capital
Currently, IBISA offers a suite of innovative climate coverages tailored to meet the needs of multiple stakeholders worldwide. These include agricultural-focused insurance products, as well as typhoon insurance, and loan protection for financial institutions.
Additionally, IBISA has developed a groundbreaking heat stress product insurance initially designed for dairy farmers, primarily in India, that is currently being expanded in other countries, such as Bangladesh.
The funding will enable IBISA to build more pioneering products and expand further into emerging markets.
